S. Pagan and T. Tabor share income on a 6 : 4 basis. They have...
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S. Pagan and T. Tabor share income on a 6 : 4 basis. They have capital balances of $105,000 and $58,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Investment of $89,000 cash for a 30% ownership interest with bonuses to the existing partners. Investment of $60,000 cash for a 30% ownership interest with a bonus to the new partner.
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